Have you discovered old paper money tucked away in an attic, inherited from a relative, or found in a forgotten wallet? That weathered currency might be worth significantly more than its face value. Understanding how to properly appraise old money can be the difference between spending a rare bill at face value and discovering a valuable collector’s item.
This comprehensive guide will walk you through everything you need to know about old money appraisal – from identifying potentially valuable currency to finding reputable appraisers and understanding the factors that determine a bill’s worth in today’s collector’s market.
Understanding the Value of Old Currency
There are four primary types of value when it comes to old currency:
- Face Value - The printed denomination on the bill (what you could spend it for)
- Book Value - The average dealer retail price for that particular note
- Wholesale Value - The price dealers might pay to acquire the note (typically 60-80% of book value)
- Auction Value - The price the note might bring at auction, which can vary widely based on bidding interest
Just because a bill is old doesn’t automatically make it valuable. However, certain factors can significantly increase a note’s worth to collectors and investors.
Key Factors Affecting Old Money Value
Factors That Make Old Currency Valuable
Rarity
The scarcity of a particular note is perhaps the most crucial factor in determining its worth. Limited print runs, discontinued series, or bills that were mostly destroyed or recalled are typically more valuable.
Condition
The physical state of your currency dramatically impacts its value. Professional graders use a detailed scale ranging from “Poor” (heavily damaged) to “Gem Uncirculated” (pristine condition with no signs of wear).
Historical Significance
Currency from significant historical periods or with unique historical connections often commands premium prices. This includes Confederate currency, notes from the banking crises, or special wartime issues.
Errors & Varieties
Bills with printing errors or special characteristics can be extremely valuable. These include:
- Misaligned printing
- Missing serial numbers
- Ink errors
- Wrong paper use
- Cutting errors
Serial Numbers
Certain serial numbers can significantly enhance value:
- Solid numbers (e.g., 88888888)
- Ladders (e.g., 12345678)
- Low numbers (e.g., 00000001)
- Binary numbers (only 0s and 1s)
- Radar/palindrome numbers (same forward and backward)
Types of Collectible Currency
Large Size Notes (Pre-1929)
Often called “horseblankets” for their larger size, these notes were standard currency until 1929. They include:
- Silver Certificates
- Gold Certificates
- Treasury Notes
- Federal Reserve Notes
- National Bank Notes
Small Size Notes (1929-Present)
The familiar size of modern currency, these notes include several collectible categories:
- Silver Certificates
- Gold Certificates
- Red Seal United States Notes
- Brown Seal Federal Reserve Notes
- Star Notes (replacement notes with a star in the serial number)
National Bank Notes
From 1863 to 1935, thousands of national banks issued their own currency backed by U.S. bonds. These notes, which bear the issuing bank’s name, are highly collectible—especially from small towns or banks that issued limited quantities.
Confederate & Obsolete Currency
Notes issued by the Confederate States during the Civil War and obsolete currency issued by states, cities, and private banks before federal regulation can be quite valuable to collectors of historical paper money.
Value Ranges for Common Currency Types
| Category | Price Range | Notes |
|---|---|---|
| Large Size Silver Certificates | $50-$1,000+ | Common dates in average condition to rare dates in high grade |
| Small Size Silver Certificates | $2-$200+ | Common issues to rare star notes |
| National Bank Notes | $100-$10,000+ | Common banks to rare issuers |
| Star Replacement Notes | $2-$1,000+ | Depends on denomination, series, and condition |
| Confederate Currency | $20-$5,000+ | Common notes in poor condition to rare high-grade examples |
Note: Price ranges are approximate and can vary based on condition, rarity, and market demand.
How to Get Your Old Money Appraised
Professional Currency Dealers
Established currency dealers have the expertise to accurately assess your old money. Look for dealers who:
- Are members of professional organizations like the Professional Currency Dealers Association (PCDA)
- Have a physical location or regular presence at coin shows
- Have been in business for many years
- Can provide references if requested
Auction Houses
Major auction houses like Heritage Auctions or Stack’s Bowers specialize in numismatic items and offer free appraisals for items they might auction:
- Heritage Auctions offers free online appraisals for rare currency
- Most require photographs and basic information about your items
- They may be particularly interested in high-value or rare pieces
Professional Grading Services
Professional grading services authenticate, grade, and encapsulate paper money in protective holders:
- Paper Money Guaranty (PMG) is one of the largest currency grading services
- Professional Currency Grading Service (PCGS)
- These services charge fees based on the value and type of note
Currency Shows and Conventions
Numismatic shows bring together dealers, collectors, and experts:
- You can get multiple informal appraisals in one location
- Compare offers if you’re looking to sell
- Learn more about your specific notes from specialists
Local Coin Shops
Many coin shops also deal in paper money and can provide basic appraisals:
- Convenient for quick assessments
- May not specialize in rare or high-value currency
- Consider getting a second opinion for potentially valuable items
Preparation Checklist for Currency Appraisal
Online Appraisal Options
Online Appraisal Services
Several professional numismatic companies offer online appraisal services:
- Submit photos and information through their websites
- Receive expert evaluations, often within a few days
- Many offer free initial assessments
Online Price Guides
Reference resources can help you research values:
- Heritage Auctions Currency Value Guide
- PMG World Paper Money Price Guide
- These guides provide average market values based on grade and type
Collector Forums
Active numismatic communities can provide informal appraisals:
- Paper Money Forum
- Reddit communities like r/papermoney
- Members often help identify unusual notes and provide rough value estimates
Understanding Currency Grading
The Sheldon Scale for Currency
Most professional graders use a 70-point scale adapted from coin grading:
- Poor (P-1): Extremely worn, may have pieces missing
- Fair (FR-2): Heavy circulation, may have tears or stains
- About Good (AG-3): Very heavy circulation, intact but worn
- Good (G-4 to G-6): Heavy circulation but all features visible
- Very Good (VG-8 to VG-10): Well circulated but cleaner appearance
- Fine (F-12 to F-15): Moderate circulation, some creasing
- Very Fine (VF-20 to VF-35): Light to moderate circulation
- Extremely Fine (EF/XF-40 to EF/XF-45): Light circulation, minimal creasing
- About Uncirculated (AU-50 to AU-58): Minimal signs of handling
- Uncirculated (MS/CU-60 to MS/CU-70): No circulation, ranging from obvious flaws to perfect condition
A difference of just a few grade points can sometimes double or triple a note’s value, especially in the higher grades.
Evolution of U.S. Currency
Demand Notes
National Bank Notes
Federal Reserve Notes
Size Reduction
In God We Trust
Modern Security Features
What to Expect During a Professional Appraisal
The Appraisal Process
A thorough currency appraisal typically includes:
- Authentication - Verifying the note is genuine, not counterfeit or altered
- Identification - Determining the exact type, series, and variety of the note
- Grading - Assessing the condition using standardized criteria
- Market Research - Comparing to recent sales of similar items
- Valuation - Providing an estimated value based on all factors
Appraisal Fees
Be aware of how appraisal services typically charge:
- Percentage-based fees: Some appraisers charge a percentage (typically 1-3%) of the total value
- Hourly rates: Professional appraisers may charge $100-$300 per hour
- Flat fees: Some offer set rates for specific services or collection sizes
- Free appraisals: Dealers and auction houses often provide free appraisals with the hope of earning your business for selling
Documentation
A professional appraisal should include:
- Detailed description of each note
- Assigned grade and condition notes
- Current market value estimate
- Authentication statement
- Appraiser’s credentials and contact information
- Date of the appraisal
Recent Notable Currency Auction Results
| Item | Price | Date | Auction House |
|---|---|---|---|
| 1891 $1,000 Silver Certificate | $2.6 million | January 2023 | Stack's Bowers |
| 1890 $1,000 "Grand Watermelon" Treasury Note | $3.3 million | April 2022 | Heritage Auctions |
| Series 1934 $10,000 Federal Reserve Note | $384,000 | September 2023 | Heritage Auctions |
| 1869 $500 "Rainbow" Legal Tender Note | $528,000 | March 2023 | Stack's Bowers |
Note: Auction results represent past sales and may not reflect current market values. Always consult with a professional appraiser for accurate valuations.
Red Flags to Watch For
- Immediate offers to buy without thoroughly examining the item
- Pressure tactics urging quick decisions
- Vague or overly broad statements about value
- No references or verifiable credentials
- Unusually high appraisal values followed by low purchase offers
- Reluctance to put appraisals in writing
- No explanation of how values were determined
- Refusal to consider getting a second opinion
Do-It-Yourself Value Research
Reference Materials
Several excellent resources can help you research your currency:
- Standard Catalog of United States Paper Money by Krause Publications
- Paper Money of the United States by Arthur and Ira Friedberg
- The Comprehensive Catalog of U.S. Paper Money by Gene Hessler
Online Price Archives
Review recent auction results to gauge current market values:
Serial Number Research
Check your notes’ serial numbers against databases of known valuable combinations:
- MyBankNotes.com Serial Number Checker
- Special patterns like radars, ladders, and solid numbers
- Low-number notes (under 100)
Selling Your Old Currency
Dealer Sales
Selling to established currency dealers offers several advantages:
- Immediate payment
- No additional fees or commissions
- Simplicity and convenience
- However, expect wholesale prices (typically 60-80% of retail value)
Auction Houses
Major auction houses specializing in currency can often achieve higher prices:
- Potential to reach serious collectors worldwide
- Professional marketing of your items
- Expert cataloging and photography
- However, they charge seller’s fees (typically 10-20% of the hammer price)
Direct to Collectors
Online platforms and collector forums allow direct sales:
- eBay (with detailed descriptions and clear photos)
- Specialized currency sales sites like Old Currency Values
- Currency collector forums and Facebook groups
- This approach can yield retail prices but requires more effort and knowledge
Online Marketplaces
Several specialized marketplaces cater to currency collectors:
- Currency Exchange
- CoinZip
- These platforms connect sellers with buyers but charge listing or commission fees
External Resources for Currency Appraisal
Heritage Auctions Free Appraisals
PMG Paper Money Grading
Coin Appraiser Value Guide
Old Currency Values
PMG World Paper Money Price Guide
Enoch Pratt Free Library Currency Guide
Preservation Tips for Paper Currency
Storage Solutions
Use appropriate archival-quality products:
- Currency sleeves - Use non-PVC, acid-free plastic sleeves
- Album pages - Currency-specific pages with pockets properly sized for bills
- Portfolio binders - Acid-free binders to hold album pages
- Currency holders - Semi-rigid holders for added protection
Handling Guidelines
Follow these best practices:
- Clean, dry hands - Always wash and dry hands before handling, or use cotton gloves
- Work surface - Use a clean, soft surface free from food, drinks, or other contaminants
- Support the note - Always support the entire note when handling
- Minimal touching - Hold notes by the edges whenever possible
- No repairs - Never use tape, glue, or other materials to repair tears
Environmental Factors
Control these conditions to prevent deterioration:
- Temperature - Keep between 65-72°F (18-22°C)
- Humidity - Maintain 40-50% relative humidity
- Light exposure - Minimize exposure to UV and bright light
- Air quality - Avoid smoke, cooking fumes, and industrial pollutants
What to Avoid
These common mistakes can permanently damage collectible currency:
- Folding or creasing notes
- Writing on currency (even in pencil)
- Using paperclips or staples
- Laminating notes (ruins collectible value)
- Cleaning with chemicals or erasers
- Storing in attics, basements, or garages
Common Questions About Old Money Appraisal
How do I get old money appraised?
You have several options for getting old currency appraised:
- Professional currency dealers who specialize in paper money
- Auction houses like Heritage Auctions that offer free appraisals for potential auction items
- Grading services such as PMG (Paper Money Guaranty)
- Currency shows where multiple dealers can examine your items
- Online appraisal services where you submit photos
For the most accurate appraisal, seek out a dealer who belongs to professional organizations like the American Numismatic Association or the Professional Currency Dealers Association.
What makes old paper money valuable?
Several factors determine the value of old paper money:
- Rarity: How many examples still exist
- Condition: The physical state of preservation
- Historical significance: Connection to important events or periods
- Type and denomination: Some types and higher denominations are inherently more valuable
- Errors and varieties: Notes with printing mistakes or special characteristics
- Serial numbers: Special patterns like solid numbers or low numbers
- Demand from collectors: Popularity among collectors for certain issues
Some common bills may be worth only face value despite their age, while others can be worth thousands due to these factors.
How can I tell if my old money has value?
To identify potentially valuable old money:
- Check the date and type (Silver Certificate, Gold Certificate, National Bank Note, etc.)
- Look for star symbols in the serial number (indicates a replacement note)
- Note any unusual serial number patterns (low numbers, repeated digits, etc.)
- Check for printing errors or oddities
- Research the condition compared to grading standards
- Look up similar notes in price guides or recent auction results
- Examine for bank names on National Bank Notes, which can be valuable if from small towns
Remember that most modern notes (post-1960s) are usually only worth face value unless they have special characteristics.
Where can I find a reputable currency appraiser near me?
To find a reputable currency appraiser in your area:
- Search the American Numismatic Association’s dealer directory
- Check the Professional Currency Dealers Association membership list
- Contact major auction houses like Heritage Auctions or Stack’s Bowers for recommendations
- Visit established coin shops that also deal in paper money
- Attend local coin and currency shows to meet dealers
- Ask for recommendations in collector forums or groups
Always check credentials, request references, and consider getting multiple opinions for valuable items.
How much does a professional currency appraisal cost?
Appraisal costs vary depending on the service and scope:
- Free appraisals: Many dealers offer free verbal appraisals, especially if you’re considering selling to them
- Auction house appraisals: Often free for items they might auction
- Written appraisals: Typically $50-$200 for basic documentation
- Insurance or estate appraisals: Usually $75-$250 per hour
- Professional grading services: $15-$100+ per note depending on value and service level
For valuable collections, formal written appraisals may cost several hundred dollars but provide detailed documentation useful for insurance or estate purposes.
Can I appraise old money online?
Yes, several online options exist for appraising old money:
- Submit photos to online appraisal services like Heritage Auctions’ free appraisal service
- Post clear images on collector forums like Paper Money Forum or Reddit’s r/papermoney
- Use online price guides like the PMG Price Guide to research similar notes
- Check completed auction listings on sites like Heritage or eBay for comparable sales
- Use specialized apps designed for currency identification and preliminary valuation
Online appraisals provide good starting estimates, but for high-value items, an in-person evaluation by an expert is still recommended.
Will cleaning old paper money increase its value?
No, cleaning old paper money will almost always decrease its value, sometimes dramatically. Professional collectors and dealers prefer original condition, even with some dirt or age toning.
Cleaning can:
- Remove the original “patina” that collectors expect
- Damage the paper fibers
- Create an unnatural appearance
- Be detected by experienced dealers and graders
- Result in significantly lower grades from professional services
If you have dirty currency, leave it as is and let a professional appraise it in its current condition. The only exception might be very gentle removal of loose surface dirt by a conservation professional for extremely valuable notes.
What are star notes and why are they valuable?
Star notes are replacement notes printed by the Bureau of Engraving and Printing to replace notes with printing errors detected during production. They have a star symbol (★) at the end or beginning of the serial number.
They’re valuable because:
- Fewer star notes are printed than regular notes
- They represent a small percentage of total currency
- Older star notes are particularly scarce
- Condition plays a major role in their value
- Some series have extremely limited star note production
Star notes from the 1920s-1950s can be worth significant premiums, while modern star notes might sell for 1.5 to 5 times face value depending on condition and rarity.
Conclusion: Making the Most of Your Old Currency
Old money appraisal is a blend of art and science, requiring careful assessment of multiple factors including rarity, condition, historical significance, and current market demand. While some old bills might be worth only their face value, others could be treasures worth hundreds or thousands of dollars to the right collector.
For the most accurate appraisal:
- Do preliminary research to understand what you have
- Document your notes with clear photographs
- Seek multiple professional opinions for valuable items
- Consider professional grading for significant pieces
- Store your currency properly to preserve its condition
- Stay updated on market trends if you plan to sell
Whether you’re curious about a single old bill or managing an extensive collection, taking the time to properly appraise your old money ensures you understand its true value in today’s collector market. Remember that reputable dealers and professional appraisers are your best resources for accurate valuations that can help you make informed decisions about your currency collection.
With proper knowledge and care, your old money might be worth much more than you think—perhaps even a small fortune hiding in plain sight.